The Australian insurance industry, although a mature market, is in good shape - and insurance stocks have been amongst the top performers following several years of firming prices and a relatively benign claims environment. Competitive pressures, however, are demanding greater focus on growth strategies, operating efficiency and customer satisfaction. This may mean pushing into new products and emerging markets both locally and offshore.
Commercial challenges faced by insurers include the need to strengthen customer relationships and develop tailored and targeted products and services in the face of more exacting customer demands and increased competition. Regulatory challenges include overcoming the continuing uncertainty with respect to insurance reporting under IFRS and gearing up for the forthcoming Solvency II.
How PwC can help you
PricewaterhouseCoopers is an industry leader, both in the professional services space, and as a provider of audit and advisory services to the insurance industry. We are honoured to have been recognised for the contributions we have made, through our services, to the successes of some of Australia’s largest insurance companies.
We are aware that it takes more than rhetoric and good intentions to fulfil the responsibilities that come with our leadership position. We constantly remind ourselves that it requires the highest standards of work and behaviour in everything we do. We are committed to working with clients, regulators and other industry stakeholders to enhance the financial and professional performance of the insurance sector.
